With Brexit on the horizon and a snap general election announced recently by Prime Minister Theresa May, the future is looking very uncertain, and uncertainty is a difficult climate to do business in. Businesses need to have firm expectations about what the future will be so they can make long term plans, and this is difficult to do in the current climate. With that in mind, let’s take a look at some of the biggest changes in business law due in 2017, to help you feel more certain about the future.
Minimum Wage Rises
If you’re reliant on paying staff the minimum wage you should be aware that it is going up by over 30p, with over 25 year olds now due to be paid £7.50 an hour.
While this is good news for people on the minimum wage and will give them more stability and more disposable income (and is therefore good news for retail businesses and services appealing to minimum wage workers), be aware of that potential rise in your expenses: you may need to prepare to cut back in your other costs or pursue greater revenue streams to balance this.